Lawyers for the actress Riley Keough, the granddaughter of Elvis
Presley, have sued to stop what they say is a fraudulent scheme to sell Graceland, the family’s cherished former home in Memphis.

Court papers that Ms. Keough’s lawyers filed this month claim that a
company planning to auction off Graceland is fraudulently claiming that
her mother — Elvis’s daughter, Lisa Marie Presley, who died in 2023 —
had borrowed money and put Graceland up as collateral. The papers say
that the company, Naussany Investments & Private Lending LLC, “appears
to be a false entity” and that the documents it presented about the loan
were also fake.

“There is no foreclosure sale,” Elvis Presley Enterprises, which
operates Graceland, said in a statement, in which it also said that the
lawsuit had been filed to “stop the fraud.”

Graceland, a popular tourist attraction, is a major source of income for
Elvis Presley Enterprises and the family trust.

A representative for Ms. Keough, who controls her family’s trust, did
not immediately respond to a request for comment on Tuesday. A lawyer representing Ms. Keough in the case also did not respond.

Months after Lisa Marie Presley died, Naussany Investments presented
documents claiming that she had borrowed $3.8 million from the company
and “gave a deed of trust encumbering Graceland as security,” according
to court papers filed in Shelby County, Tenn. Copies of the documents
were provided to The New York Times by Elvis Presley Enterprises.

Ms. Keough’s lawsuit claims that while a promissory note related to the alleged debt appeared to have been notarized in Florida in 2018, the
notary public named on the documents, Kimberly Philbrick, has denied
doing so. “I have never met Lisa Marie Presley, nor have I ever
notarized a document signed by Lisa Marie Presley,” an affidavit from
Ms. Philbrick states.

Naussany Investments had scheduled a sale of Graceland for Thursday, the
court papers say. But after Ms. Keough’s lawyers argued that the deed
was fraudulent, the court issued a restraining order barring any sale, according to the documents. The documents say a hearing has been
scheduled for Wednesday.

Attempts to reach Naussany Investments through the email addresses and
phone numbers listed for the company in the court documents were not immediately successful. One listed phone number was said to be no longer
in service.

Last year, Ms. Keough and her grandmother Priscilla Presley engaged in a monthslong legal battle that eventually left Ms. Keough as the sole
trustee of the financial instrument established by her mother, the
Promenade Trust.

Lisa Marie Presley established the trust in 1993. And although its
assets grew to more than $100 million by 2005, she compiled massive debt
over time, forcing the sale of 85 percent of Elvis Presley Enterprises
to help pay her bills.

In a 2022 income and expense declaration, Lisa Marie Presley estimated
that her debts exceeded $3 million. But the filing did not specify what
she owed money for or to whom.

Even as costs have sometimes mounted, the family has held on to the main
house at Graceland — an eight-bedroom, eight-bath Colonial revival home
in Memphis that served as Elvis Presley’s personal home from 1957 until
his death, in 1977, at the age of 42. The house was appraised at $5.6
million in 2021.

But Graceland has become worth far more as a tourist attraction. In
2022, operations at Graceland generated at least $80 million, most of
which supports Elvis Presley Enterprises. The family trust retains 15
percent of Elvis Presley Enterprises.

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I'm relieved. This would have distracted me from my bid to buy a Staten
Island ferry.

https://www.nbcnewyork.com/news/local/staten-island-ferry-for-sale-deadly-crash/5427338/

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bbug1 wrote:

I'm relieved. This would have distracted me from my bid to buy a Staten Island ferry.

https://www.nbcnewyork.com/news/local/staten-island-ferry-for-sale-deadly-crash/5427338/

Maybe you would like to bid on this if you have an extra $30M or so.


Babe Ruth's jersey from the "called shot" game will go up for auction in August. Predictions are that it wi9ll go for $30 million. It last sold
in 2005 for $940,000, but it since has been authenticated with more
certainty.

About 90 years ago, the Babe hit his 700th homer, and he circled the
bases shouting "I want that ball!" And he would buy it from the fan who
caught it, as he did with his 500th and 600th. He paid the same amount
each time. Twenty bucks.

Those details are from the NY Times game account, reprinted in a 1975
book, The New York Times Book of Baseball History. That and thousands of
other books on the 8th floor of the downtown San Diego library are a
good reason to hit the library on any visit to nearby Petco Park.

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